House Prices Drop US/UK Housing Crash? Subprime Bubble

Indian Express: Indian BPOs bring Christmas jobs cheer to UK Christmas in 2008 could have been the gloomiest in UK in recent decades but for Indian companies, which are coming to the rescue of Britons, facing lay-offs in the face of a looming global recession.
This week, Indian call centre major Firstsource sparked early Christmas cheer in Northern Ireland by announcing plans to create 160 more jobs in the region.

Original post by little professor

Wall Street Journal: A Different Banking Crisis in Need of Fresh Capital “As the nation’s financial crisis spread earlier this fall, several thousand people pressed forward in a line to make a withdrawal from a bank in suburban San Diego. The line stretched out the building, up the street and past the fire station. They walked away with boxes filled not with money but vegetables, fruit, pasta and juice.”
Food Banks are running short here in the UK too. Christmas and cold weather coming as well ……………………..

Original post by renting2

MoneyWeek: Commercial property shares crash – but they’re not cheap yet It’s not just Britain’s houses that have fallen in price, the value of commercial property has slumped too. Property company shares have crashed 43% in the last year. And as the recession really starts to bite, they’re going to come down even further.

Original post by damien

Metro: Mortgage lending increases by 7% Same facts as a post below this, just a slightly different spin …”Mortgage lending rose by nearly 7% during October but it remained well down on 12 months ago, figures show. A total of £18.7 billion was advanced during the month, compared with just £17.5 billion during a “weak” September, the Council of Mortgage Lenders said. But the figure was still 44% lower than the £33.38 billion lent in October 2007, and it was also down on August’s advances of £19.66 billion. Despite the increase in lending during October, the Council of Mortgage Lenders (CML) warned that demand was likely to remain subdued due to falling house prices and the deteriorating economy. ” (I do like that last sentence. A lot!)

Original post by mark wadsworth

BBC: October mortgage lending picks up Mortgage lending rose slightly in October, according to the Council of Mortgage Lenders (CML).
Total lending rose to £18.7bn, 7% up from the previous month.

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Original post by crash n burn

FT Alphaville: Stony Broke Fresh Rumblings From Northern Rock A serious trauma for the UK mortgage market

Original post by crocked

Market Oracle: U.S. Treasury the Final Bailout it’s a millennial rite of passage for all mankind.
Treasury Secretary: Millennial?
Fed Chairman: I didn’t say I agree with that. I merely said that’s what’s being said.
Treasury Secretary: I accept the 100-year storm concept. But let’s not get carried away by the public mood of gloom. Yes, I know debt liquidation and price deflation continue to be at the heart of our economic challenges and remain our most significant downside risk. I know real estate prices are down as much as 50% in some sectors and stock market barometers are down nearly 70% from their former peaks. And I know all about the tsunami of home foreclosures.
Citigroup: I can no longer stand here before you and refute the fact that Citigroup is effectively insolvent.
Martin D. Weiss, Ph.D.

Original post by malct

bbc: Rolls-Royce plans 2,000 job cuts Aircraft engine maker Rolls-Royce has said it plans to cut between 1,500 and 2,000 jobs in 2009.

Original post by mark

bbc: Peugeot Citroen cuts 2,700 jobs French car company Peugeot Citroen has announced plans to shed 2,700 jobs because of falling demand in Europe.

Original post by mark

bloomberg: GM, Ford, Chrysler Leave Congress Empty-Handed After Hearings The companies are seeking aid as industry-wide sales have plummeted to a 17-year low. GM this month said it lost $4.2 billion in the third quarter and almost $73 billion since the end of 2004.

Original post by mark